Nigeria’s oil sector has over the years been riddled with numerous challenges. Notable among these challenges include fuel scarcity crises that have been bedevilling the nation for decades. Nigeria is heavily dependent on oil revenues to meet its needs. However, the nation’s oil revenues have also experienced sharp drop in the past few years due to a decline in production occasioned by crude oil theft and pipeline vandalism.
Nigeria’s oil sector has over the years been riddled with numerous challenges. Notable among these challenges include fuel scarcity crises that have been bedeviling the nation for decades. Nigeria is heavily dependent on oil revenues to meet its needs. However, the nation’s oil revenues have also experienced sharp drop in the past few years due to a decline in production occasioned by crude oil theft and pipeline vandalism.
For many Nigerians, it was not cheering news that the nation could not benefit from rising crude oil prices at the international market. When Russia invaded Ukraine last year and the prices of crude oil soared to as high as $130 a barrel, the highest since July 2008, after the United States and its allies sanctioned Russia over the invasion of Ukraine, the increase was not good for Nigeria.
Kyari and his team have, in order to reposition NNPC for global competitiveness, secured alternative project financing for several important projects including: $5Billion corporate finance commitment from the Africa Export Import Bank to fund major investments in Nigeria’s Upstream sector; Alternative Financing and Technical Services package worth N875.75m for NPDC’s OML 65 in order to increase national production; Alternative Financing Package worth $3.
In April 2021, Mele Kyari led the successful execution of a Gas Development Agreement for OML 143 with Sterling Oil Exploration and Production Company which will boost National gas production by 1.2 Trillion Cubic Feet . Mele Kyari has a flair for execution excellence as a result of which NNPC is making progress in the delivery of many game-changing projects including: The completion of Escravos-Lagos Pipeline System II and Oben-Obiafu-Obrikom gas pipeline to increase delivery capacity from 1.
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